"This is never something we like to say, but yes we are in the process of layoffs," a W+K spokesperson said in an email today. "As a result of the loss of the Target account, we are making some adjustments to our staffing that reflect the loss in revenue. Yesterday we sadly parted ways with a number of valued employees from a variety of disciplines within the agency."

Advertising Age in January reported that Minneapolis-based Target Corp. was dropping W+K after a six-year relationship.

In 2009, Target named W+K its lead agency after having collaborated with several boutique shops, according to AdAge.